>> the opening is happening, consumers are feeling more comfortable going back to the mall and the stock is still cheap, the reopening play that might still have upside. jack: bull but interesting. interesting, great ideas for everyone, check out this week's addition of barron's.com, ♪ ♪. larry: hello everyone, welcome back to "kudlow", i am larry kudlow, a great pleasure to be with you. stocks closed higher across the board, mr. market has decided president biden sweeping tax hikes won't be passed. we will have to see about that. remember, democrats will have two bites out of the 51 vote reconciliation process to jam the tax hikes through. i say caveat, you've been warned. i am still suffering economic shock from yesterday's bad earth day. it was bad because president

biden announced a 50% cut in carbon emissions in only a few years which will throw a wet blanket over the booming economy for sure. of course it will wreck the fossil fuel sector which accounts for 70% of our power. speaking of stupid, there is a study coming out of the university of michigan which says to meet the biden green new deal target, america has to stop eating meat, stop eating poultry, fish, seafood, eggs, dairy and animal-based fats. okay, no burgers on july 4, no stakes on the barbecue. i'm sure middle america will love that. can you grill the grass under brussel sprouts? get ready, you can throw back a plant-based beer with their grilled brussel sprouts and wave your american flag. collett july 4 green. i'm not making fun of this,

because i intend to make fun of it. this kind of thinking is stupid it comes from etiological zealous they don't care one with about america's well-being, not one whit. just around out yesterday's bad earth day, will take a more detailed look at president biden doubling of the capital gains tax which is part of the administration assault on investment and capital formation and it includes a corporate tax hikes and please don't forget 70% of the corporate tax burden falls on blue-collar middle-class folks or those with lower incomes. 70%. you raise the corporate tax in your increasing the burden on the middle class. this investment is a middle-class assault. reversing the trump tax cuts has nothing to do with rich people, has to do with inflicting enormous damage on middle-class in order to meet a whacked out zealous ideological opinion.

based not on facts but on the latest soviet meeting. as professor has taught us, the u.s. government owned climate assessment showed over the next 70 plus years the worst, worst-case climate estimates might lose 5100th of 8% of gdp. that is 51 hundredths of 8% of gdp. that is the worst, lower taxes and regulatory rollback is more than coming in give us faster growth apart from the climate issue. i am not a climate denier, i am trying to be a climate realist, how did deal with this problem which is not an exponential crisis and not a exponential threat. as far as the bad earth day global summit by mr. biden, rest assured china will never play

ball. meanwhile mr. john kerry is out there to stop investing in coal power plants and other fossil fuels projects. that is just terrific preteen love to codify that into regulations or legislation. according to the center for strategic and international study, their poll shows americans might pay $20 a year to deal with climate change, although 32% said they would pay nothing. but the biden green new deal would cost roughly $1200 per household. this is naughty stuff, you cannot make it up, except were not vacated up its presidential policy. the tax foundation has modeling the cap gains tax and they should over ten years it will actually lose $124 billion in federal revenues, lose money. the average cap gains tax in europe is 19.3%. we will be at 33.4%.

bernie sanders favorite country sweden would be at 30%. so we beat them all. let's celebrate by throwing back another plant based beer. regarding our insult on investment which will damage the economy, generate lower wages and decimate family income, another plant-based. our first guest this evening president of the copenhagen consensus estimates biden's new plan would reduce warming by the in century by 0.07 degrees fahrenheit. that is it. go from seven-point to degrees fahrenheit to 7.13 degrees fahrenheit. it ain't much. biden says it'll make america more prosperous. mr. longmore said that is implausible. i am with longmore. 100%. plus steak, beef, poultry, fish, who knows what else.

now we can all have lettuce for breakfast in the morning. it turns out 80% of the population still prefers non-electric cars and of course china is not going to play with the. climate targets. biden carried targets i will call them. mr. longboard wants smart green innovation to deal with the climate agenda and he is most certainly right. i'm going to quit yapping and go to our first guests joining us now, president of the copenhagen consensus center. author of false alarm, how climate change panic cost us trillions, and failed to fix the planet. welcome back to the program. i think you're in sweden if that is correct. >> i am. >> bernie sanders favorite spot. larry: i hope i did justice this

morning, and bite-size chunks tell us why you believe the biden plan is unworkable. >> biden is basically promising twice as much reduction of what obama did. that's not only going to be incredibly hard to do and as you mentioned it'll cost a lot of hardship and a lot of different ways and it's also going to be fantastically expensive so you mentioned $1200, biden is promised he will spend $1500 per person per year on climate and as you mentioned the survey shows people aren't willing to spend 20, $24. that sets it up for not working out in the long run. but even if you were to actually succeed and remember he won't be president in 2030, there will be one other president but even if that person then follows through and cuts the omissions and all the presidents for the next 70 years does so, it will reduce

temperatures tripoli as you mentioned 0.07 degrees fahrenheit and the un climate model. it's going to be very hard, very costly, virtually no impact and the reason as you also put it's because china, india, africa, latin america, they're not gonna play ball, honestly they have more important things to focus on like pulling their populations out of poverty. the reality here is . it's 71 hundredths. larry: i'm sorry 71 hundreds. that is like co-wins gdp 51

hundredths of a percentage point. it seems like this is a lot of bother to solve seven tenths of 1% degrees fahrenheit. a lot of tax father, a lot of targets, a lot of damage to key industries, as i said at the top a lot of telling people you can't eat burgers and poultry and fish. to me this is ella tree, it is not science. i don't want to dwell on it because i think team biden is not telling the truth to the american people. that's what concerns me. he's asking us to make sacrifices and damage the economy and damage middle-class incomes buddies not telling the truth how small this adjustment really is. >> that is really surprising, it is surprising that we have one area of the world, climate change where you can make promises worth trillions and not

to a single cost-benefit analysis. there is a problem, global warming is a problem and something we would like to fix. but you first have to get the overall. you're scaring kids and everyone by telling them this is an exponential crisis, it is not, the human climate panel does not tell us what the next essential crisis, they tell us by 2007, two years from now, the net impact is going to be equivalent to you and i everybody else around the world losing between 0-point to - 2% of their income. that is what is going to feel like. but by then we will be 363% as rich as what we are today. that is the un's estimate. instead of being 363%, we will only be 356% as rich. that is not an expert essential crisis, that is a problem, one

that we should fix. but we need to be so careful not to actually pay much, much more in order to solve the small problem, that is sort of equivalent, cutting off your arm to cure a mistake, you need to get your sense of proportion. biden and many others don't have that. larry: steve conant has the same take, almost the same numbers, we would be far far richer, we might be a tiny less richer but then again tax and regulatory and other policies would be more influential and we would make it up in the first place. one of the things of your work that i love, you believe these issues, climate change and related news can be solved by technological advances and innovation. can you tell us a little more about that. >> you never solve a problem in history by telling people could you live with less, we were just

talking about that, could you celebrate your fourth of july in a way that you hate and all the other 364 days in the same way. you're not gonna solve problems by telling people to do with less. remember in the 1970s where people were telling us were gonna run out of food and you would have to not eat as much and send it down to the poor people in the developing world, that was a bad solution but secondly you will not solve hunger by telling people, can you also go hungry and send it back to the poor people in the third world. the way we solved it was their innovation. it was a green revolution, the ability to grow a lot more food on every acre. the ability took most of the developing world from being very poor, they're still pretty poor but naturally been able to feed most of their people, india today is a world leading rice exporter, instead of seeing all the population dying from

hunger, that is because of technology. you will solve this problem by giving people opportunity to have more energy, cheaper, but have a green that could be more affected fourth-generation nuclear power, incredibly cheap solar with battery or wind with battery and lots of other opportunities. but the trick is to recognize you will not do it by making everything more expensive. you will do it by focusing a lot on innovation to make green energy so cheap. also the chinese and the indians. larry: i love that, you're exactly right. gales of creative destruction, all kinds of inventions and innovations. that's what happens in a free economy. bjorn blomberg, you are terrific coming from sweden. the most energy of anybody i know and you are spot on. moving on the white house makes a major omission about their so-called infrastructure plan.

republicans trying to garnish for their own alternative, that includes more money for bridges, roads without tax hikes. we have senator john hogan from the dakotas. he is joining me when "kudlow" ♪ ♪

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>> he's about to release his second infrastructure package. >> is not an infrastructure package it's a family plan focus on childcare and helping ease the burden on family so american families plan. larry: jen psaki admitting the white house infrastructure plan has nothing to do with infrastructure. as a family plan, what's he doing in the infrastructure bill, there is one plan it does include real infrastructure, senate republicans have a $560 billion alternative plan, roads, bridges, airports. no tax hikes. joining us now senator john homan from north dakota. you are great to come back on the show, i appreciate it. i want to say something, making fun of the dakotas, i want you to hear this, it is very nasty. >> why do we need to dakotas.

[laughter] can we just start with that, they definitely should not be for senators from the dakota territory. larry: i think the dakotas are great, we were gonna have mike rounds with you but he can't make it he's from south dakota, why is this jerk making fun of the dakotas, your great senators, free market. >> mike is one of my good friends we were governors together, a great guy and i think the dakotas another real states bring a lot of common sense to washington, d.c. which is a very good thing, we work together on a lot of things. the other thing our founding fathers said we need large states and small states, yet proportional representation in the house but in the senate everybody has to and that's what makes it work. it is the wisdom of our founding fathers that is served us so well for more than 200 years. larry: great stuff, he has no

business saying that, he's just being snarky. senator john homan. >> your last guest had some great points, on energy it is about innovation and you don't increase taxes and you don't increase regulation, you allow energy development on federal lands' end when technology states like north dakota can crack and we can have more energy with cost-effectively, that's what were doing, i would love to talk to you more about it but we can do a ton again with innovation that is the american spirit. larry: i want to talk more about it, here we are, you and me. team you are in that meeting as i recall with president biden in a bunch of others, does he hear this and does he understand it, even the natural gas revolution, fracking, the number one producer in the world, very few

people foresaw that 20 years ago or 30 years ago but it happened the whole information revolution very few people saw it coming. why can it continue to happen if we let free enterprise work with the proper incentives. >> exactly, that's exactly right were producing co2 emissions and as you said horizontal drilling, fracking, all of those things where we have more energy, lower co2, that's innovation that you get it by cutting taxes, reducing regulation, not increasing and you encourage innovation and entrepreneurship of entrepreneurs and companies and ingenuity's getting it done in north dakota were a huge part of cracking the code on fracking which makes it the second oil and gas producing state in the nation only to texas and we've been working on this for a decade were gonna crack the code on carbon tax or from electric

and we are going to capture the co2 off of the plants and produce electricity. that is coming to innovation, the 45 to crack tax credit which i worked the past, i talked to the president about that on monday i was up at the white house with some others that have been governors or mayors before being senator to the house, about ten of us that went up there and i think i got their interest, that is the right way to do it you were talking about that in your segment, that's the way to go. larry: can ask a little more the issue of carbon capture which is so important, carbon capture i think could help the coal industry and oil and natural gas tell us what we done about carbon capture if you will. >> first you have to have the legal and regulatory environment in your state to put the cot down and do it safely, you have to be epa approved, we started

on that in 2009 when i was governor and we not only have the state law and regulation but we have epa approval where one of only two states in the nation that can do this, is not something that you start out overnight and do what we can do it off of electric plants and doing in the state, dakotas company would have it in canada for oil recovery and were working on putting it down for geological storage in north dakota but also ethanol plants. ethanol plants in iowa, minnesota, south dakota because we can put it down, more energy, transportation fuel, whatever you want and less co2. larry: this is so sensible, joe biden not the moderate he used to be, that is part of the story, what do you say is so much of the american tradition and we don't have to destroy these industries, we can make them better because it makes dollars and cents. isn't that how these things

evolve? >> is the american way you know that better than anybody you unleash the entrepreneurial spirit and empower it with the right kind of environment in terms of legal and regulatory certainty, not overregulation, lower the tax burden, you create more revenue, more jobs, higher incomes and you create more revenue because you have a bigger economy, those are the keys in the same time the technology gives you environmental stewardship. larry: we can turn it from a bad earth day into gales of creative destruction, that's how we can do this, go from bad to good, it's not that hard to do in the dakotas are leaders. north dakota in particular, a leader in the whole energy revolution, bill maher stop being snarky listen to senator john homan, thank you for coming out, we so much appreciate it. >> thank you.

larry: moving ahead team biden thinks doubling capital gains won't hurt the economy, really, we're going to have to tear into the argument, next up on "kudlow" straight ahead, let's "kudlow" straight ahead, let's have another plug oh, i've traveled all over the country. talking about saving with geico. but that's the important bit, innit? showing up, saying “hello! fancy a nice chat?” then we talk like two old friends about sticky buns and all the savings you could get by bundling your home and car insurance. but here's the real secret. eye contact. you feel that? we just had a moment. [chuckles] who would've thought it? geico. save even more when you bundle home and car insurance.

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>> larry: part of president larry: presidentbi biden's assat on investment and capital formation besides jacking of corporate taxes includes a hike on capital gains taxes a doubling of capital gains taxes and i'll say once again it's a triumph of ideological zealous over economic common sense. and history has shown time and again, if you raise the capital gains tax rate you are going to get lower not higher revenue that is a laffer curve at work and much less investment penalized in the middle class. let's bring in president of the

tax foundation and steve moore freedom works in committee to unleash prosperity hotline and my brother and everything is good, scott, one thing caught my eye once again your modeling shows this will lose money, they think they have it in, there to raise money to pay for the green new deal and lord knows what, social programs and new society et cetera and you say no, it's going to lose money. >> that is a real headline, by increasing the capital gains rate, they will lose 130 billion over the next ten years and i think that's really telling, one of the reasons they are pressing to repeal the step up in basis, because people are going to hold onto their assets, is going to depress realization in the only way that you can tax those capital gains is when people pass away and give their assets

to their heirs, that's when they get taxed twice both with the repeal to step up in with the estate tax. larry: listening to jen psaki at a press briefing, somebody asked why are you doing this, the dumbest thing in the world and she said it only affects three tenths of the population and i was thinking to myself, maybe but you have over hundred million people who own stocks one way or another including union pension funds as you know and of course 401ks and then of course you're raising the taxes is a form of the capital gains tax hike, it adds to the corporate tax hike, that hurts the middle class, the blue-collar families and so forth and then the whole market has to pricing in the presentus value of future earnings, that

doesn'tbl mean you're in a taxae or nontaxable, the whole market has to clear that or maybe wrong, and my missing the point. >> you're exactly right the stock market is inversely related to the capital gains tax, i heard biden people say why should the people who make money in the stock market pay a lower tax rate than people who go to a factory or something and what they leave out is something that art laffer taught us, the capital gains tax is double and sometimes a triple tax on the earnings of the company, we have something called the corporate income tax. when you combine those two, the tax on a profit from a company is going to be over 50% in the united states if they were to pass the tax increase. my son just started a startup company in silicon valley and when youou do that you would've family and friends for thepi first-round of capital that is

at risk capital there is a good chance if you put money in a small start up business you will lose money, why do people do it, they hope to make a big gain on it, if you raise the capital gains tax, the biggest loser are the small business startups in the country will not have that. have the you don't right rate of return, you are not going to play ball. i want to ask you i know the tax foundation doesn't sound great modeling but a couple of economists are riding today the joint tax committee did studies a while back, what is the maximum, what is a revenue maximizing capital gains tax and they came up with 28%. this would go to 43 to half

percent but these economists had 28% is probably ten points lower but the point is it looks punitive, in other words if you can be more than the so-called revenue maximizing tax rate, the only thing you conclude it's in a punitive tax, get rich people, class warfare, central planning, that's the way i look at it. it very clearly is, it's meant to tax unearned income then wage and salary income, one one other interesting affect that our model shows, we see a gradual shift in the ownership of u.s. equities from domestic owners to foreign owners, because u.s. equities would be much more valuable the foreign owners that will be subject to the tax, unc foreign hedge funds to swoop in to buy up u.s. equities that the

rich people are getting rid of because of the high tax rate so you have this strange shift in ownership away from u.s. assets into foreign ownership and you gotta remember the average capital gains rate in europe is 19% that would put a premium >>again. larry: just to add to scott's point the average euro tax rate is 18 or 19%. bernie sanders is the driving force behind team biden's policies, heen loves sweden, its his favorite country, sweden's capital gains tax will be 30, we would be 43.4. even sweden is more investment oriented i would think bernie would step in since he loves sweden he should say no, don't go higher than 30. >> what i favor why do we go back to the capital gains tax we

have under a former democratic president bill clinton, he cut the capital gains tax to 20% and you remember what happened to the stock market and the economr is the biggest boom ever. the capital gains tax. our little friends, they might not listen to you or me, john f. kennedy and i read a great crow in your book, i think it was yesterday where you a basically quoted the capital gains tax to get more capital investment, is good for america. larry: where is that. if you put it up on the screen i'll be able to's read it. the tax on capital gains directly affects capital decision. the mobility and flow of risk capitall. the ease or difficulty experienced by new ventures and something or other in obtaining

capital. that is democrat, john f. kennedy, the name of the book is jfk in the regular revolution, one click on amazon. there is a democrat and bill clinton was a democrat. clinton, the capital gains tax and advertised it during the campaign and he followed through during the next session, by the way to both of you, lower tax rate wreaks so much more revenue than they projected to help balance the budget. remember that? >> in fact the kennedy treasury was actually using dynamic scoring to promote the lower capital gains rate. larry: i'll say one last point, if you want to tax labor and capital the same, why don't you take the tax rate on personal income and dropping to 20 or better yet drop at both the

15th and clean up the rest of the tax code, lower the rates, bought in the base, prosperity, investment, middle-class, we have a boom, we have a boom. >> index the capital gains for inflation, a lot of those arere inflationary and you don't get index right now. larry: great stuff, you got a visit with the economist, you gotta going talk to the economist the going in the wrong direction. thank you so much, president biden's progressive economic agenda poses a major threat to the backbone off america. we will discuss his work on small business and how it can paralyze the mainstream economy. you are watching "kudlow". you are watching "kudlow". please stay right here. ♪ ♪i've got the brains you've got the looks♪ ♪let's make lots of money♪ ♪you've got the brawn♪ ♪i've got the brains♪ ♪let's make lots of♪

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>> larry: president biden will mark 100 larry: president biden will mark 100 days in office next thursday, the most 100 days largely defined by his complete

assault on investment and small businesses in the blue-collar middle-class. let's walk through this. to discuss top republican on the house small business committee joining us now congressman if i got that right, from ther great state of missouri. thank you, i want to get a passing grade, we appreciate you coming on the show. congressman one thing that's not out there yet butut it's comingi forecasted the capital gains that came out yesterday, i believe team biden is cooking up and in to the 20% deduction on small business llc, unincorporated s corporation's, i believe that is coming and i want to get your take, i think that could be a catastrophe. >> i think you're right, or information is in the works and i think it will be a

catastrophe, you are raising taxes on the small businesses at a time whenever they needom hel, not somebody to come in and slap you on the side of the head. the corporate tax rate that they're proposing are 33% increase, a lot of people realize that a million small businesses rc corpse, they are not as corpse they are see corpse they will get hit with a 33% tax increase in its gonna hit the s corporation significantly as well. 85% of the corporation of this company have 20 employeesss or less so you're talking small businesses are the ones that drive this economy and country and the other ones are going to pay the taxes. we have to be very careful about this whenever they're limping along, i know you were involved as i was with the ppp loans and where they were to helpe us get

back on their feet again, which we will assess, right now>> they're coming in with the taxes it's gonna be devastating. larry: there gonna make the energy and power cost much higher because they were abolished fossil fuels in the crazy climate change business which we just had a segment before, both segment minuscule impact on global warming but a major impact onno our economy ad wages and electricity a power cost. >> that the inflationary effect that you will see down the road, i've seen my local community grow 50% sense of first of the year. another thing that is happening that nobody's talking about in the tax bill are the utility company, most are public corporations and as a result there gonna be paying t higher taxes, guess who's gonna pay the higher taxes, small businesses

and local consumers will pay higher utility cost and it's another hit on small businesses and our consumers at a time when they don't need that to happen. larry: a smart person once told me corporations don't pay taxes, people pay taxes. >> that was a very smart person, they y are correct, where do you think the corporation get $10 from the customers that do business with them, they have to raise the prices to be able to pay those taxes, it's pretty simple economics it doesn't take a rocket scientist to figure that out. larry: ten seconds you're only three votes short in the house, can you stop the stuff. >> to be honest probably not, the democrats do a good job of getting behind these issues en masse, nancy pelosi has done a good job of continuing to squeeze arms and twist them to get in line and generally we do not have the ability we will stop them in the senate where

there's a chance as long as a filibuster is in place to stop this and obviously the filibuster does not apply to the 51vo vote deal and reconciliati. thank you, congressman. up next on "kudlow" all the talk of raising taxes and cutting out hamburgers and expanded the welfare state asca republicans l next year's midterms. with all of this stuff, the gop auto knock this out of the park. were gonna talk politics when "kudlow" returns on the other side of the when it comes to autism, finding the right words can be tough. finding understanding doesn't have to be. together, we can create a kinder, more inclusive world for the millions of people on the autism spectrum.

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go to aerotrainer.com to get yours now. >> larry: okay folks, so look i'm a policy guy, not larry: i am a policy guy not a political but we have a political segment because of a simple take their handed the republican party the midterm and the internal elections next year. look at what they've done 100 days, border crisis, immigration, closing the schools, huge tax hikes, hacking the supreme court, ending the filibuster, the largest expansion in the welfare state

and the history of the earth, how can we not win,k, i've been asked my favorite political analyst, chairman of the conservative union. welcome back, i'm sorry they cannot make it, please give her a hug. with all of this ammo, if you cannot win the midterms, you have to pack it up. >> we have to give you the answers that they improve. what's happening at the southern border alone, sometimes we don't think about immigration in terms of economics but what's happening at the southern bordea alone there will be a great chance of taking back the house of representatives but what could prevent us from taking back the majority of both chambers, what we saw in georgia was a very simple idea, you have to verify who you are to request a ballot and you have to have your signature verified when you vote through the mail. , that became a new round of

calling us all racist led by many major ceos including the ceo of delta air linesal and coca-cola and all the other corporate entities. the one thing that could really screw this up is this idea that a lot of ballots in the account and the close races that are unverified. we have to make sure that doesn't happen. both parties should agree we should fight like hell to make sure no matter what color or: race you are but you have to verify who you are. larry: i'm with you on that. my thought is in all of the policy areas, i don't seee anything popular, the immigration, the chaos on the border, that is huge, the filibuster, packing the supreme, everybody's taxes are good to go up, middle-class taxes are going to go but it is not just the top 1% or so forth.

these are like tailor-made. if they have articulated properly and i will supplementck that bu and say the trick in the next 18 months is to attack democrats and their policies not to attack republicans, we have a big tent, we cannot have purity, that's the way we need to win a take back the senate and get the house again.io >> i'm a proud republican but we have a coalition. we have a coalition of conservatives, not all of whom were republicans, we have establishment republicans and the whole new america first segment, not all of them are republicans, it's a coalition like you say we have to be respectful of all the voices. as far as the radical policies being pushed by the democrats we've never seen the democratic

party at the national level be quite this radical and intent and makege it harder for the working man and woman to get ahead. the polling on the issues is really terrible. what the democrats are relying on is the fact that somehow trump supporters and conservatives can be so despondent over the fact that they lost the majorities in the white house and they're knocking to be engaged. i am in kansas, people are fired up about the socialist policies and the proof will be in the pudding if people feel like the economic prospects are going down and they feel is optimistic about what's happening to the country, they will take it out on the democrats. i'll predict on your show the republicans will take the majority back. larry: it's a good prediction. i think the gop ballot congealed overer the policy it is always e case, let's not have a circular firing squad let's coalesce around the key policies. that's the way to win.

tell mercy i hope she feels a whole lot better and she will join us the next time, you guys are wonderful. moving right along, yesterday was a bad earth day, special was a bad earth day, special presentation of how bad it did you know that geico's whole 15 minutes thing... that came from me. really. my first idea was “in one quarter of an hour, your savings will tower... over you. figuratively speaking." but that's not catchy, is it? that's not going to swim about in your brain. so i thought, what about... 15 minutes. 15 percent. serendipity. 15 minutes could save you 15% or more on car insurance.

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larry: this is a bad earth day. , that should be a movie called bad earth day.

larry: i hadad a great time ande gutfeld child, he gave me a great idea for your consideration larry kudlow presents bad earth day i elizabeth: tonight, the growing liz: tonight the growing backlash against president biden tax hike critics and economist and wall street analysts say it would slam jobs and wall street telling us this is the first shoot the moon, it can't be a real thing, that is about hope but look at this biden's tax plan has already ignited a new fight in congress now democrats say biden's taxes will derail his agenda they may move to block it, national security advisor kt mcfarland, fox news contributed john duffy and